All Forum Posts by: David Hanor

If you're using it for investing, my recommendation would not be to chase the interest rate or closing costs but who will give the best LTV percentage. Spero Financial (formerly SC Telco) will go up to 100% of your house value and I think their rate is prime + 2% for that amount. Otherwise, most other banks will go up to 89.9% LTV at prime +/- .5-1% so if you're not trying to go up to 100% I would go to whoever handles your personal and business banking just for ease of use.

Where in SC? and what's your target market--price point, number of units per home or larger multi family?

Many banks will do these on commercial loans pretty easily in SC. A lot of these banks want to only work within zip codes close to their home office so you'll want a bank in the Myrtle Beach area. I have a commercial loan with CCNB in Greenville from their Greenville branch and they were very easy to work with. CCNB's home office is in MB so shouldn't be a problem there. They did a 85% LTV refinance on a property I owned for just 45 days.

This varies city by city. As far as I know, you're ok in Greenville county but not city limits to do STR. I don't think Columbia city limits has any restrictions. By pulling up AirBnB though, you'll see those are loose guidelines and it can come down to your neighborhood.

Rumor for Greenville is a city employee will try to book you online and shut you down if you're full time Airbnb (ie, don't live there too) but I have plenty of clients who do full time STR in the city limits. I've heard stories of neighbors in the city complaining too to get people shut down.

i think best is to set up shop outside of city limits for best results. 

Hi Kit

I have a rental currently between tenants that I would sell. It’s in the city limits of Columbia in a great neighborhood for long term tenants or student housing for the university. I’m Happy to introduce you to the area with realtors and PMs to interview too.

Just DMed you so I can make an introduction to my agent.

Greenville has a lot of incredibly nice neighborhoods ($750k+ homes) that back up to pretty rough areas ($100k). It’s hard to give you areas to look in because it can literally go street by street or block by block. See Nicholtown or Judson Mill for instance. 

I have a house in Melrose Heights area that is currently rented to students. It’s outside of Shaw obviously but a great place to rent out later. 

The tenants leave in July and I would potentially sell if you’re interested. It’s a 3b1ba